Category: High Courts
At the stage of admission, Settlement Commission not expected or be compelled to utilizing the machinery available to call records invoking Rule 9 or Section 245D(3). The petitioner should satisfy the Settlement Commission that there has been full and true disclosure ABCAUS Case Law Citation: ABCAUS 2178 (2018) …
CBDT Compounding of offences Guidelines not illegal or arbitrary. Principle of proportionality also not apply as fee is paid to avoid punishment for a criminal offence-High Court Chapter XXII of the Income Tax Act, 1961 (the Act) deals with Offences and Prosecution. Section 279(2) provides that any offence …
Mere categorisation of land as agricultural in revenue records not suffice for capital gain exemption. Whether a land is agricultural or not is a question of fact – High Court Prelude: Section 2(14) of the Income Tax Act, 1961 (the Act) defines “capital assets”. It also provides for …
Provision for interest on overdue fixed deposits was ascertained liability as the assessee was able to identify it when it filed returns-High Court ABCAUS Case Law Citation: ABCAUS 2168 (2018) (01) HC Important Case Laws Cited/relied upon by the parties: Bharat Earth Movers Ltd. Vs CIT, (2000) 245 …
ITAT explains the law on exemption u/s 10(2A) for partners share of profit in the income of the firm. Revision order u/s 263 quashed as it failed to state what kind of enquiry AO failed to make. Prelude: Section 10 of the Income Tax Act, 1961 (the Act) …
Amendment to section 32(2) is not prospective. Unabsorbed depreciation can be carried forward beyond 8 years, prior to amendment-High Court Prelude: Section 32(2) of the Income Tax Act, 1961 (“the Act”) provides that where due to loss or inadequate profits in any year, full depreciation allowance could not …
Addition for accommodation entries merely based on statement of investors and without controverting the documents furnished invalid-High Court Prelude: The additions on account of accommodation entries have been a common feature in income tax proceedings which have attracted litigation. A typical modus operandi adopted by the receiver of the such …
Constitutional Validity of second proviso of section 5(1) of PMLA upheld. Failure to disclose “reasons to believe” would be the entire proceedings illegal-High Court Prelude: The offence of money-laundering is defined under Section 3 PMLA. The punishment is prescribed under Section 4 PMLA. The expression “proceeds of crime” …
Having afforded a hearing, ITO can not attach assessee’s bank straightway without informing as to whether the stand taken by the assessee is justified or not-High Court Prelude: Section 222 of the Income Tax Act, 1961 (the Act) provides that in where an assessee is in default or …
Assessment made without notice u/s 143(2) where ITR-V not received within 30 days can not be sustained. The extended period of 120 days for sending ITR-V validated the returns originally filed-High Court Prelude: Under the Income Tax Act, 1961 (the Act) section 139D empowers the CBDT to make rules …
